Are you thinking about buying a home, but your main concern is the downpayment? You may not need to put down as much as you think. As you begin to plan your home buying process, here are some things you need to know about your downpayment.
Percentages Matter
Many people believe that you need to put down at least 20% of the home purchase price. If you can, that’s great! But, it is a common misconception that this is the only option when it comes to buying a home. In fact, recent buyers put down far less on their purchase. According to NAR, first time homebuyers were able to put down 6%, all home buyers were able to put down 14% and repeat homebuyers were able to put down 17%. In addition, depending on the type of loan, some buyers were able to put down as little as 0-3.5%. This is great news for future homeowners!
Reach out to the Professionals!
If you are curious about what type of loans you qualify for and what your options may be before you start your home search, reach out to Castro Team! We can pair you with a trusted lender who will walk you through, step by step, to help you decided whether now is a good time for you to buy or if it would be beneficial to wait. A trusted lender can also help get you on the right track to prepare you for your future purchase. There’s no harm in knowing your options!